Tuesday, April 24, 2007
Today was a learning experience in trading with IB Book Trader(2nd day trading with it). Overall I did alright, but I really need to work on my execution skills. As you can see from my trade execution report I put on a lot more trades than I normally do.
Today I recorded my trading and reviewed the tape right after I got done trading. Let me tell you, I suck. I made at least 3 execution errors, with 2 of those executions errors actually being helpful. The trading errors are due to the fact that I don't have experience trading with IB Book Trader. I'm a little pissed that I didn't hold onto my long position that I accumulated at the lows around the KEY REVERSAL TIME of 7:15-7:30. My audible alerts that I've created using ATT Labs Text to speech software has being very helpful.
I was watching my tape today and I couldn't help but laugh at the number of times I swore at the computer and called the market a number of different names when I had my position move against me. The tape was funny, but also shows that I need to become more disciplined in my stops and I need to work on my execution skills using Book Trader. If anyone wanted to watch the tape I would upload it to Google; however, the file would probably be about 1 gigabyte and take forever to upload for me and download for you. Yesterday's tape would probably be more insightful compared to todays tape. If I were promote an educational website with my videos, my promo would sound like this:
With High Probability Trading you can learn how to become a successful Trader, as high probability Trader guides you through his "actual live recording of trading each day" you will be a MASTER of the MARKETS in NO TIME.
HIGHLIGHTS OF VIDEOS INCLUDE-
1.How swearing at the computer doesn't change the price of the stock you are trading.
2.How adding to your losers while at the same time swearing doesn't help either.
3.How swearing at CNBC's broadcasters doesn't help, because LIZ CLAYMAN and MATT DILLON can't hear you.
4.How telling CRAMER to F#%$ OFF during CNBC's afternoon call doesn't help your trades.
5.How saying F#&$ IT and adding your loser trades sometimes works for a second, only to screw you 6 minutes later.
6.How not following your trading plan makes your account shrink in seconds.
7.How taking the reverse of your trade signals is the wrong trade.
8.How forgetting how many contracts/shares your trading causes a sudden increase in heart rate.
9.How drinking lots of water while in combination of trading increased size results in more frequent trips to the bathroom.
10.How sweating while in combination to swearing at the computer is a sign to add your position, to help decrease your account equity.
11. More to come...Please feel free to add if you have any ideas.
I have alot to say about what I saw today and how I traded, but I don't have time to write about it, because I have to go to work, so I will leave you all with my charts I saved.
Notice the ZN/JPY/EURO relationship, and the relationship between GOLD/CRUDE OIL/YM/SWISS FRANC.
ER2 Block trade Chart
ER2 Indicator Chart